One of the options for obtaining the right of residence in Bulgaria is the purchase of real estate. The main condition to qualify is that the property is worth just over 300,000 euros (600,000 Bulgarian leva). The investment in the ownership of an apartment or a building can be made either by an individual or by a commercial company in which the foreigner has a relevant share.
The long-term residence permit on the basis of an investment in real estate after 5 years of residence in the country enables the foreigner to obtain a permanent residence permit and access to the Bulgarian labour market, as well as to be included in the circle of health insured persons.
With this article you can get acquainted with the requirements and peculiarities of the procedure:
- The foreigner must have invested for this purpose an amount of at least BGN 600 000 for the acquisition of the right of ownership over a real estate /or a combination of several real estates/ in the territory of Bulgaria. The acquisition may be carried out both in the form of a purchase and sale and through other types of transactions which result in a transfer of rights for consideration.
- In case the foreigner will use borrowed funds for the acquisition of the property - they should not exceed 25% of the price.
- If the foreigner does not purchase the property directly as an individual, but through a company in the ownership of which he participates - he should have invested an amount of not less than BGN 600 000 in the capital of the company and own more than 50 per cent of this capital.
If the purchaser is a company, additional documents must be submitted in order for the residence permit to be issued to the foreign partner:
- a statement of the expenditure incurred by the company in acquiring immovable property for the period following the contribution of the relevant amount to the capital of the company;
- copies of purchase contracts (supporting documents);
- a copy of the inventory book or depreciation plan evidencing the acquisition of fixed tangible assets, or any other document evidencing the value and type of new immovable property acquired after the amount has been paid in;
The circumstances entered in the company's account in the Commercial Register shall be verified ex officio by the services for administrative control of foreigners in the Republic of Bulgaria.
In addition to the documents related to the investment made through the purchase of real estate, the foreigner shall submit the standard package of documents required for the issuance of a residence permit.
Initially, in case of a positive opinion, the authorities of the Bulgarian Ministry of Interior will issue the foreigner with a long-term residence permit. This type of card is issued for a maximum period of 1 year and should be renewed every subsequent year.
If you need assistance with your residence permit, contact our team and we'll help you with every detail during the process.
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